A nonprofit student loan consumer group has filed a lawsuit against the Consumer Financial Protection Bureau alleging it has manipulated federal policy and failed in its duty to regulate companies that service student loans. The lawsuit also names the Department of Education.
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The Consumer Financial Protection Bureau has settled with Edmiston Marketing, LLC, its principal Brandon Edmiston, and USA Service Finance, LLC, for a variety of violations.
The Consumer Financial Protection Bureau issued an interpretive rule clarifying screening and training requirements for financial institutions which employ loan originators with temporary authority, effective Nov. 24.
At a public symposium last week, academics, market participants and policy-makers gathered to discuss effective implementation of a Dodd-Frank Act section which would increase public data about small business lending, specifically those owned and operated by women and minorities.
The Consumer Financial Protection Bureau has filed a complaint and a temporary restraining order against a student-loan debt-relief operation engaged in allegedly unlawful conduct.
The data reveals that borrowers of both private and federal student loans reported issues ‘dealing with your lender or servicer’ in more than half of all complaints.